XRP Soars in the Crypto Market

XRP has gained 20% in one day, reaching $2.44 and a market cap of $132 billion, making it the fourth-largest cryptocurrency. This surge has led to speculation about whether XRP will soon hit $3.

Price Dynamics

XRP is experiencing a parabolic rise, surpassing significant resistance levels, including $2. Strong trading volumes, particularly on South Korea's Upbit exchange, support this upward trend, where the volume hit $3.69 billion. In contrast, Ethereum and Bitcoin show lower trading volumes.

Potential for $3

The next key resistance level is around $2.75. If broken, it could pave the way for a breakout at $3. With high RSI at 87, XRP is entering an overbought territory, suggesting a possible consolidation or pullback may occur. Key support levels to monitor are $1.70 and $2.20.

Shiba Inu Gains Traction

Shiba Inu has also made headlines, showing a breakout above the $0.00003 level, signaling fresh market momentum. Some chart indicators show SHIB emerging from consolidation, with support from a spike in trading volume.

Upward Potential

Although staying above $0.00003 isn’t guaranteed due to overall market fluctuations, successful movement past $0.000032 could target $0.000035 or even $0.00004. Market support, particularly from Bitcoin and Ethereum, is crucial for SHIB's upward trend.

Bitcoin's Status

Bitcoin seems to stall below the psychological barrier of $100,000, currently trading around $96,000. A breakout above $100,000 could reignite bullish momentum, but profit-taking may lead to a pullback.

Key Support Levels

Key support lies around $90,400. If Bitcoin drops below this, further bearish pressure could emerge. With an RSI of 71, the market is also overbought. Significant buying pressure is needed to break current resistance and toward $100,000. Successfully pushing above $98,000 with strong volume could signal a move toward $105,000.

This article was originally published on U.Today